Can I have two title loans on the same car?

Is it possible to take out two title loans on the same car? I’m swimming in medical bills right now, and I already took out one title loan on my car. Can I apply for another one?

Answer
Unfortunately, you can’t take out two title loans on the same car. Think of a title loan as you selling a part of your car to a lender. Over time you’ll buy it back in monthly installments, but they can keep the car if you don’t make your payments. In short, taking out two title loans on the same car would be like selling the same car to two different people.
That being said, you can simultaneously take out two title loans on two different cars. Remember, car title loans usually come with a high [APR]​​(https://getjerry.com/advice/what-is-apr-and-how-is-it-calculated-by-marisol-pereira), so you’ll be paying a lot in interest. A second loan might help now, but it could be problematic in the long run. Try applying for a loan from a credit union instead. They usually offer lower interest rates and more flexibility on repayment periods.
In the meantime, cut back on your car insurance costs with the Jerry app. A licensed broker, Jerry can help you find and compare quotes from over 50 top providers for free. That way, you can make sure you’re getting the lowest possible rate before you settle.
Liz Jenson
Answered on Nov 08, 2021
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